China, India throw oil a lifeline as global glut looms

Global oil markets may be dominated by concerns about a glut, but producers have found some support in buying from China and India, spurred by awave of US sanctions on Russian energy.

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Crude cargoes—especially in the Middle East, which was briefly in oversupply—have found buyers, according to traders who asked not to be identified asthey aren’tauthorized tospeakto themedia. An overhang of unsold shipments fromnationssuchasthe United Arab Emirates is no longer seen, they added.

Globalbenchmark Brenthas sunk 15% this year, making it one of the worst performing major commodities. The slump has come as Opec ramps up quotas, and drillersoutside the alliance also add supply. The International Energy Agency has forecast a record overhang, and in one sign of fragility, US futures’ nearest twocon-tractsdippedinto contango,abear-ish pattern.